Open Banking is being rolled out progressively across the banking industry. In line with other non-major banks at Australian Unity Bank you can now find out generic information about certain types of available products. This allows you to compare the products available across the banking industry in a simple and standardised way. Information specifically about your accounts and banking arrangement will not be available until a later stage.
Non-major banks such as Australian Unity Bank will be progressively required to provide specific information about its customers upon request by you, the customer. Banks such as Australian Unity Bank will also be able to obtain accreditation to enable it to receive information about a customer’s banking relationship from another bank at the request of a consumer interested in becoming a new customer of that bank.
Beyond having greater control of your banking data, Open Banking may change the way in which you compare and select services between organisations to better suit your situation.
The Consumer Data Right (CDR) is legislation that the Federal Government has introduced to provide individuals and businesses with the ability to leverage their data to obtain new and better services with improved access to and rights over the data that businesses hold about them.
Open Banking is part of the CDR regime which the government intends to apply progressively to other industries apart from banking, including energy and telecommunications.
Under Open Banking Consumer Data refers to certain information held by an organisation (such as a bank) that relates to a customer and is covered by the Consumer Data Right (CDR) legislation. It includes, but is not limited to, contact information, the types of product(s) held by the consumer, account details, transaction history and loan repayment history.
Open Banking has already started in Australia and is being rolled out progressively across the banking sector. On 1 July 2020 , the major banks (ANZ, Westpac, NAB and CBA – and including BOQ and BankWest) commenced consumer data sharing, allowing eligible customers to share their data for in-scope products with Accredited Data Recipients. Smaller and mutual banks will launch via a phased approach in accordance with the ACCC. Eventually all banks will be part of the open banking scheme.
Open Banking is being rolled out progressively across the banking industry. On 1 October 2020, Australian Unity Bank commenced data sharing for generic product information (known as product reference data) via our public Open Banking Product Application Programming Interface (API) to allow anyone to access product reference data on Australian Unity debit cards, transaction and deposit accounts and credit cards. And expanded the number of products available on 1 February 2021 to include home loan and personal loan products
Whether you are an existing Australian Unity Bank customer or just making an enquiry about the products Australian Unity offers, you can access our specially dedicated product API portal to find out all about our credit and debit cards, deposit accounts, transaction accounts and home loan and personal loan products (known as “Product Reference Data”). Next stages rolling out progressively:
Australian Unity is committed to your data security. Open Banking uses a number of security measures and controls to transmit personal banking data securely using standardised Application Programming Interfaces (APIs). Once Open Banking is fully operational any request to access your personal data must be initiated by you, the customer via the Australian Unity website, Internet Banking platform or Mobile Application.
In addition, all authorised data recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Consumer and Competition Commission (ACCC).
Product reference data includes information such as the interest rates and fees charged by banks as well as the features and eligibility criteria for banking products. It is generic and not specific to particular customers.
For Developers interested in using the Product API please access more information https://open-banking.australianunity.com.au/cds-au/v1/banking/products
The Australian Government has launched the official Consumer Data Right website where you can find out everything about the Consumer Data Right and how it works and how it can assist you. The website includes a number of features: